A.C.T Offshore

Can we have a power of attorney?

Yes you can. The International Business Companies Act specifically recognizes the appointment of attorneys. A power of attorney is a legal document which gives the appointed person the right to represent the company and to act on its behalf. The document lists the terms of the appointment and may allow the attorney to act for the company without requiring the directors.

The attorney does not have to be a lawyer or someone with legal training. Anyone over 18 years old who has not been disqualified in some way to take on a role with great responsibility can be appointed.

A power of attorney is issued by the directors of the company. If a Seychelles director is asked to issue a power of attorney he or she will first carry out some due diligence checks on the person. They reserve the right to refuse if the proposed attorney does not meet their requirements.

A power of attorney can take one of two general forms: A special power of attorney (also called a limited power of attorney) and a general power of attorney. A special power of attorney lists specific actions that the attorney is expected to perform and it usually specifies a very short time period. An example is to give an attorney in Switzerland the power to open an investment account with a specific bank because the directors cannot go to the bank in person at the particular time. A general power of attorney allows the attorney to perform almost any legal act on behalf of the company and usually it will be issued for 1 year. The attorney in this case will be able to do almost anything in the name of the company. Professional directors much prefer to issue special power of attorney rather than a general power of attorney and will charge extra for a general power of attorney.

When a power of attorney is issued, the directors still retain responsibility, and professional directors will need to perform some checks before the appointment (usually before they accept the directorship appointment) and they will also need to perform checks later to find out what the attorney has been doing. An attorney must not use the power of attorney to execute secret transactions – the directors must be informed of everything.

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